Top reasons for Handforth lease extension

Top reasons for lease extension now:

A Handforth lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Handforth you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Handforth with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not loan monies on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so where they are unable to get a mortgage, then the financial worth of your property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to lend on

Get in touch with one of our Handforth lease extension solicitors or enfranchisement solicitors

Lease extensions in Handforth can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Handforth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Handforth Lease Extension Case Summaries:

Ollie, Handforth, Cheshire

Last year Ollie, came very near to the 80-year threshold with the lease on his studio apartment in Handforth. In buying his property twenty years previously, the unexpired term was of minimal concern. by good luck, he realised he needed to take steps soon on a lease extension. Ollie extended the lease just under the wire last September. Ollie and the landlord in the end agreed on sum of £5,000 . If he failed to meet the deadline, the sum would have increased by a minimum £1,125.

Handforth case:

Ms P Sharif was assigned a lease of a recently refurbished apartment in Handforth in May 2001. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative homes in Handforth with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed in 2102. Considering the 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.

Handforth case:

Mr and Mrs. U Smith moved into a ground floor apartment in Handforth in May 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Identical residencies in Handforth with a long lease were worth £257,800. The average amount of ground rent was £65 billed every twelve months. The lease terminated on 7 June 2091. Taking into account 65 years outstanding we calculated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of expenses.